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African Fintech Startup Dayra Receives Grant from Y Combinator

Cairo-based fintech startup Dayra has received a grant from Y Combinator’s Startup School making it the first company from the Middle East and North Africa (MENA) region to win the grant, according to media reports. Three startups within the region have been included in Y Combinator’s accelerator batch (Winter 2020).

Founded in 2019 by Hesham Ghandour, Mohammed Ennabah and Abdelrahman Rizq, Dayra is a mobile application that allows users to connect their bank accounts to it and transfer money to other accounts. The company has announced their intentions of raising investment funding to support their growth plans.

The Startup School online program by the accelerator Y Combinator was started in 2017 and accepted nearly 3,000 participants from more than 13,000 companies. The course doesn’t incur charges and at the completion of it, startups are selected by Y Combinator and rewarded with the grant.

For the 2019 edition there were over 40,000 founders who participated in the program including participants from Dayra.

Accordingg to media reports, Hesham Ghandour, Founder & CEO, Dayra stated the high demand for the service provided by the mobile app in Egypt and the grant’s impact on the company to build such products. He apprised on the company’s future plans in the coming months to continue focusing on improving user experience.

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Earlier in January, VakifBank, a provider of financial services in Turkey, has developed the new banking assistant ViBi in partnership with Sestek. ViBi will be used on the bank’s mobile app where the mobile banking assistant can answer over 5,000 questions and perform more than 300 banking transactions.

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